What Did Cisco's $3.2 Billion for WebEx Buy?

Following the deal announced by Cisco for the Web conferencing service, here are the candidates:

1) A channel for its cool telepresence system, according to Sean Ness.

2) A pig in a poke, opines Mike Arrington and a number of commenters on his post. They figure WebEx is too heavy compared to a number of up-and-coming Web conferencing services, and doesn't work as well on different platforms.

3) The future of collaboration, according to Om Malik, who points out, "Shared workspaces, email and even office type apps are part of WebEx?? extended offerings." And WebEx has 2 million customers already.